Karnataka High Court Allows Assessee's Appeal in Income Tax Block Assessment Case — Compensation for Agricultural Land Acquisition Not Taxable as Income. Agricultural land acquisition compensation is not chargeable to tax under the Income Tax Act, 1961, as it is not 'income' and the land is not a 'capital asset' under Section 2(14).
14 Sep 2015The appellant, Shri M. Shivanna, along with his brother B.M. Mariswamaiah, inherited certain agricultural lands which were acquired by the Karnataka I...
